Got laid off from job. Choose job vs business
I got laid off from the job. I have 100k saved. I can build a web or mobile apps but have no marketing or sales experience. What should I do?
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I got laid off from the job. I have 100k saved. I can build a web or mobile apps but have no marketing or sales experience. What should I do?
You have 100k but it depends where you're located. If you're in the US, it's not enough money to just live on your savings and blow them on an idea, especially if you never made money online, you probably just going to blow your money away and get discouraged. It also depends if you're single or if you have a family to support.
If you want practical advice, if you have a family to support I would encourage you to get a remote job if possible and use your nights and weekends to learn marketing, build an MVP, start making your first $$ etc. There's no rush, you can be successful over the long run. Once you have customers for a few month and your business keeps growing then you can move full time to your business. (like Ryan hoover from Product Hunt for example)
If you're single and very low expenses (living with parents or renting cheap apartment) , give yourself a time limit to execute on your idea, for example : I need to make my first $1000 in 3 months otherwise I stop and look for a job. You will be highly motivated and learn everything you need to learn super fast.
Hope that helps.
Thanks, @ippo. Awesome advice. I have a family and I am in the US and you are right 100k won't be enough to survive a year.
Maybe I need to learn sales and marketing along with working on MVP on the side as opposed to go full time on business.
Thanks
Cool position to be in really. I would personally move somewhere cheap like Asia or Eastern Europe and work on some ideas there, then once I burnt through 50-60k I'd consider the looking for a job route.
Not sure how long 50k will last over there, maybe @yongfook will know.
50k USD would comfortably last you a year plus in a place like Bali. Could probably even stretch it to 2 years if you're very frugal, single and have no other responsibilities.
Thanks, @yongfook. Bali seems very reasonable to move, but have family, so I can't move.
I am thinking of the same. I am from India and I can move back to India. Waiting for the flight to get opened.
Finding a job on a visa is pain, so your advice is very close to what I was thinking before posting.
Thanks.
Based on the audience you're asking you will get some bias towards building a business.
Although I suspect that's what you want.
There's a lot of good advice in this thread (and other threads on IH) - so definitely take it in. It really depends on a lot of factors that you haven't mentioned in your post.
Making a big change like going from traditional employment to IndieHacking can be a rollercoaster and you won't know if it's right for you unless you try it.
If you take a new job do you think you will regret the decision in 12 months time?
Thanks. I am not sure if I will regret the decision if I took the job.
I have this constant feeling in mind that if I don't work on something for myself right now, I won't be able to do it later and that I will regret later on.
It sounds like a good compromise would be to take this opportunity to spend some time starting something over 2-3 months. Then see if it gains any traction, learn some marketing / sales, and see if you like it.
On top of that you could find a new job for the end of the 2-3 months and carry on running the business on the side.
Assuming 100k last you 12 months, I would spend first 6-9 month #1, if no traction’s whatsoever at the end, #2 before running out of savings.
Thanks. Basically I need to give my self a strict timeline, If I won't be able to make x$ by y months, just stop and look for job.
The two options are apples and oranges, but I just chose option 1 for myself.
Like you, I had saved up some money, so when my employer hit a rough patch and cut my hours, I got a few clients and put in my notice.
Cool. Congratulations on a new beginning and all the best.